Xreal Raises $60M, Becomes First AR Glasses Unicorn

Funds to be used for R&D and factory expansion, Air 2 Ultra priced at $699 set to compete with Apple's $3,500 Vision Pro

Alibaba-backed Xreal, a rival to Apple's Vision Pro, has received $60 million in new funding, giving the company a valuation of over $1 billion and making it the first unicorn in the AR glasses industry.
The company's latest AR glasses model, the Air 2 Ultra, is set to start shipping in March and is available for pre-order at $699, significantly cheaper than Apple's Vision Pro which is priced around $3,500.
Since its launch in 2017, Xreal has shipped 350,000 AR glasses and plans to use the latest funding for research and development, as well as factory expansion.
Xreal's CEO, Chi Xu, believes the company's AR capabilities are three to five years ahead of Apple's and that their glasses will be an 'affordable alternative' to rivals like the Apple Vision Pro.
Xreal is expected to produce an additional 500,000 to 1 million units of its AR devices this year, and projects to generate $100 to $150 million in revenue.